Note

Note 28.1 Capital management

The Group’s policy is to maintain a strong capital base, so as to maintain investor, creditor and market environment confidence and to sustain future development of the business. The Group monitors changes in the shareholders structure, return on capital and debt to equity ratios.

The Group manages the capital in order to ensure the Group’s ability to continue as a going concern and maximise returns for shareholders through optimisation of the debt to equity ratio.

The capital structure of the Group consists of liabilities including credits and loans presented in Note 21, other financial liabilities presented in Note 26 and equity presented in Note 18.

The Parent Company, as a joint stock company, is subject to article 396 § 1 of the Commercial Companies Code, which requires to transfer to the reserves at least 8% of the profit for the period, until such reserves equal one third of the share capital.